Chubb innovates in marine insurance with instant shipment insurance

SINGAPORE -�Media OutReach - 29 July
2019 – Chubb
announced today it will provide instant shipment insurance on the Networked
Trade Platform (NTP) via its Value-Added Service (VAS) listing. Catering to the
needs of the transport community, a wide range of goods including commercial
containerised cargo, household goods, parcel freight and speciality items, like
works of art, can now be insured instantly on the NTP.

Currently,
Chubb offers automated shipment insurance in Australia, Korea and Singapore.
This allows traders, logistics service providers, carriers, and even insurance
intermediaries to obtain an insurance quotation and bind cover within minutes. The
process, previously characterized by endless paperwork and long turnaround
time, is now seamless, quick, and available 24/7.

In order to benefit the
marine insurance community, the instant shipment insurance technology was
developed to be promptly and easily deployed on other platforms, thereby allowing
transport
operators to easily offer automated shipment insurance to their clients on
their proprietary platforms.

Prior
to this, Chubb’s intermediaries were able to quote and issue marine insurance
to shippers instantly with CargoAdvantage^®, a proprietary and award
winning web-based marine insurance quoting and issuing system.

Mr Anthony O’Brien,
Chubb’s Regional Marine Manager in Asia Pacific said, “Being part of the NTP
ecosystem reinforces Chubb’s commitment to innovate in marine cargo insurance.
We are proud to be part of this robust, vibrant environment, and pleased to be
able to serve and grow with the community.”

“In addition to our automated solutions, Chubb’s team of specialists
will be on hand to assist with complex marine insurance risks such as heavy
lift and over-dimensional freight, special transportation contracts, higher value
shipments, as well as fine art and valuable goods in transit. Our shipping and
transport partners can also be assured with Chubb’s strong network of claims,
e-commerce and risk management professionals in the Asia Pacific region,” he
added. 

About Chubb

Chubb is the world’s largest publicly
traded property and casualty insurance company. With operations in 54 countries
and territories, Chubb provides commercial and personal property and casualty
insurance, personal accident and supplemental health insurance, reinsurance and
life insurance to a diverse group of clients. As an underwriting company, we
assess, assume and manage risk with insight and discipline. We service and pay
our claims fairly and promptly. The company is also defined by its extensive
product and service offerings, broad distribution capabilities, exceptional
financial strength and local operations globally. Parent company Chubb Limited
is listed on the New York Stock Exchange (NYSE: CB) and is a component of the
S&P 500 index. Chubb maintains executive offices in Zurich, New York,
London, Paris and other locations, and employs more than 30,000 people
worldwide. Additional information can be found at: chubb.com.

About Networked Trade Platform (NTP)

The NTP is a one-stop trade and logistics ecosystem which
supports digitalisation efforts and connects players across the trade value
chain — in Singapore and abroad. It aims to provide the foundation for
Singapore to be a leading trade, supply chain and trade financing hub. Designed
as an open digital platform, it enables service providers to develop new
applications and foster innovation within the trade ecosystem.

By bringing players across the trade value chain onto a
single platform, the NTP enables end-to-end digital trade. Traders can tap on a
range of trade-related value-added services (VAS) such as cargo freight
booking, trade financing, cargo insurance, customs declarations and payment
reconciliation.

These services will allow them to the arrange shipments
easily, improve cash flow, and better manage trade compliance, all on one
platform.

For more information, visit www.ntp.gov.sg